Specialty Coffee Auction in Panama

Buyers from the United States, Europe and Asia bid at the auction for the 16 samples of specialty coffee that are participating.

The results of the auction were better than last year, as the minimum selling price and the average price of all participants were higher in this edition than in the previous one.

In 2008, the lowest price was $5.10 per pound, while it was $7.80 this year. The average price achieved in 2009 was $15 and it was $8.91 last year.

According to Prensa.com, Richard Koynerm, president of the Specialty Coffee Association of Panama, said: "There was a bit of fear in yesterday’s auction because the economic crisis has affected industrialized countries and this could have affected the purchase, but buyers made strong bids to acquire the product."

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Wednesday sees the beginning of the eighth electronic auction organized by the Excellence Cup.

28 batches of coffee from various regions of Guatemala will be auctioned.
In the last event, the highest price was obtained by the El Injerto plantation ($22.04) and a total of 402 bags, each weighing 69 kg, were sold for $526,150.